# MIP40c3-SP78: RWF-0x Budget Proposal through 2022 ## Preamble ``` MIP40c3-SP#: 78 Author: @christiancdpetersen Contributors: @teej and @eumenes Tags: core-unit, RWF-0x, budget Status: Withdrawn Date Proposed: 2022-08-03 Date Approved: Forum URL: https://forum.makerdao.com/t/mip40c3-sp-rwf-0x-budget-proposal-through-2022/16968 Extra: This subproposal has been [withdrawn by its author](https://forum.makerdao.com/t/mip40c3-sp78-rwf-0x-budget-proposal-through-2022/16968/24) ``` ## Sentence Summary MIP40c3-SP78 represents a budget for a new Core Unit ---RWF-0x--- through December 31, 2022. The budget for RWF-0x is derived from the split of RWF-001 into two independent Core Units (RWF-0x and RWF-001) and replaces [MIP40c3-SP61](https://forum.makerdao.com/t/mip40c3-sp61-modify-core-unit-budget-real-world-finance-rwf-001/13152). ## Paragraph Summary MIP40c3-SP78 represents a budget for a new Core Unit ---RWF-0x--- through December 31, 2022. The budget for RWF-0x is derived from the split of RWF-001 into two independent Core Units (RWF-0x and RWF-001) and, in part, amends [MIP40c3-SP61](https://forum.makerdao.com/t/mip40c3-sp61-modify-core-unit-budget-real-world-finance-rwf-001/13152). RWF-0x will submit a full calendar year 2023 budget no later than October 12, 2022 for the November 2022 governance cycle. The RWF-0x 2023 budget will be developed separately from RWF-001, set forth assumptions only applicable to RWF-0x, and be subject to a separate vote by the Maker token holders. ## Specification ### Motivation This subproposal should be reviewed in conjunction with the concurrently submitted [MIP39c2-SP34: Creating RWF-0x from a Split of RWF-001](https://forum.makerdao.com/t/mip39c2-sp-creating-rwf0x-from-a-split-of-rwf-001/16967) and [MIP41c4-SP39: RWF-0x Core Unit Facilitator](https://forum.makerdao.com/t/mip41c4-sp-rwf-0x-core-unit-facilitator-onboarding/16969). There is a requirement for a new budget for RWF-0x and a reduction to the budget for RWF-001 for the remainder of 2022 (according to the split in personnel). ### Core Unit ID RFW-0x ### Budget Implementation RWF-0X budget implementation will use the DssVest. This can be changed if needed to any method achieving similar objectives. The interim budget will be in place from the date of RWF-0x’s approval to December 31, 2022. RWF-0x will submit a full calendar year 2023 budget no later than October 12, 2022 for the November 2022 governance cycle. There will be two-of-three signers for the RWF-0x multi-sig operational wallet: [Operational Wallet Forthcoming]. The three signers for the RWF-0x multisig operational wallet will be: - @christiancdpetersen - @aes - @teej A maximum of 2,188,750 DAI will be streamed to the RWF-0x multisig operational wallet from the date of RWF-0x’s approval and ending December 31, 2022 (subject to the post-approval budget adjustment described above) at a rate of 437,750 DAI per month. ### Budget Breakdown For the remainder of 2022, RWF-0x will have three dedicated contributors: - @christiancdpetersen (Core Unit Facilitator) - @teej - @eumenes The pro forma budget below represents seventy-five percent (75%) of the existing RWF-001 budget. In the spirit of tightening the DAOs finances, RWF-0x will reduce the estimated monthly external legal fees by 75,000 DAI per month, for a cumulative savings of 375,000. As Core Unit Facilitator and having been responsible for the legal spend to support RWAs to date, @christiancdpetersen views this adjustment as reasonable. Below is a pro forma RWF-0x budget prepared on the basis of August 1 to December 31, 2022. To account for the time difference between August 1 and the date of approval, and with the assumption that @christiancdpetersen, @eumenes, and @teej will continue to support RWF-001 during the interim period on transactions allocated consistent with the proposal set forth in MIP39c2-SP34, RWF-0x and RWF-001 will make any necessary budget adjustments at the time of actual split to account for any expenditure deviations in excess of or below the pro forma budget. The adjustments will be prorated on the basis of a 30-day calendar month. ![](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c3-Subproposals/supporting-materials/MIP40c3-SP78/breakdown.png) **The RWF-0x pro forma budget contemplates (without further budget appropriation) direct support for Monetalis (Project Clydesdale) MIP65 and other liquidity opportunities brought to the Maker token holders by the Strategic Finance Core Unit (SF-001) during the remainder of the 2022 calendar year.** For the calendar year 2023, RWF-0x will prepare an updated staffing plan and assumptions for Professional Services. @christiancdpetersen, @eumenes, and @teej will maintain their current compensation arrangements through the end of the calendar year 2022. ### MKR Compensation For the remainder of 2022, the MKR compensation proposed in the ratified [MIP40c3-SP38](https://forum.makerdao.com/t/mip40c3-sp38-real-world-finance-core-unit-mkr-compensation-rwf-001/10447) will remain in place for the remainder of 2022 and to cover MKR vested in 2022. This will apply to @christiancdpetersen, @eumenes, and @teej. RWF-0x will propose a new MKR compensation schedule as part of the 2023 budget cycle. --- ## Related Documents - [MIP39c2-SP34: Creating RWF-0x from a Split of RWF-001](https://forum.makerdao.com/t/mip39c2-sp-creating-rwf0x-from-a-split-of-rwf-001/16967/1) - [MIP41c4-SP39: RWF-0x Core Unit Facilitator](https://forum.makerdao.com/t/mip41c4-sp-rwf-0x-core-unit-facilitator-onboarding/16969)